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The Boston Celtics and Brooklyn Nets officially announced the blockbuster trade Friday that sent forwards Kevin Garnett and Paul Pierce and guard Jason Terry to the Nets.

Garnett, Pierce and Terry will be introduced by the Nets during a press conference Thursday at Barclays Center.

The Celtics received Gerald Wallace, MarShon Brooks, Kris Humphries, Keith Bogans via a sign-and-trade, Kris Joseph and first-round draft picks in 2014, 2016 and 2018. The Celtics can also trade first-round picks with the Nets in 2017.

The deal could not be made official until Friday because Joseph could not be traded until three months from the day he signed with the Nets as a free agent. It was agreed to during the draft in June.

"Today, the basketball gods smiled on the Nets," owner Mikhail Prokhorov said in a statement. "With the arrival of Kevin Garnett and Paul Pierce, we have achieved a great balance on our roster between veteran stars and young talents. This team will be dazzling to watch and tough to compete against."

Garnett had to waive his no-trade clause for the deal to happen. He and Pierce helped the Celtics win the 2008 NBA title, the franchise's league-high 17th all-time.

"We would like to thank Paul, Kevin and Jason for everything that they have done for this franchise," Celtics president of basketball operations Danny Ainge said in a statement. "We would not have won Banner 17 without Paul and Kevin, and they will go down amongst the all-time great players to have ever worn a Celtics uniform.

"At the same time, we are excited to welcome Gerald, Kris, Keith, MarShon and Kris to the Celtics family. They bring a wealth of talent, experience, depth and flexibility to our team."

The Nets also acquired forward D.J. White from the Celtics. Brooklyn has until Aug. 1 to keep, trade or waive White, who has a nonguaranteed contract. He counts $4 million in luxury taxes if they keep him.

The Nets payroll is about $101 million and their projected luxury-tax bill is about $83 million, according to ESPN New York.